Investment Principles

We are value investors who seek to generate market-­beating returns by making prudent, disciplined investments on behalf of our investors. With our investment approach, we adhere to a core set of investment principles:

Protect capital from permanent impairment

Be contrarian

Use prudence with financial leverage

Diversify your asset classes

Seek a margin of safety with your capital commitments

Be wary of "this time is different" statements

All of these principles add up to an investment philosophy that is value oriented and that we believe will lead to above average returns over the long haul while limiting risk.

Alignment with Our Investors

When it comes to investing, we "eat our own cooking". Portfolio managers have invested their personal capital in firm strategies along with our investors. By investing alongside our clients, we believe we are better aligned with our clients and more disciplined in our decision making.